**Executive Summary**
This document presents the Ministry of Road Transport and Highways' response to questions regarding the National Highways Authority of India's (NHAI) debt liability. It provides the debt amount as of January 31, 2026, outlines the debt reduction strategy, and details measures to ensure NHAI's financial sustainability. The response, given on February 12, 2026, also includes an annexure detailing receipts deposited in the Consolidated Fund of India (CFI) under Toll-Operate-Transfer (TOT) and Infrastructure Investment Trusts (InvIT).
**Key Points / Main Content**
* **NHAI Debt Liability:** As of January 31, 2026, the debt liability of NHAI is Rs. 2,16,624 crore.
* **Debt Reduction Strategy:**
* Since October 2022, NHAI has not borrowed any funds.
* The strategy involves a mix of asset monetisation and improved toll income.
* InvIT receipts are specifically earmarked for debt servicing.
* Funding mobilization under Toll-Operate-Transfer (TOT) and Infrastructure Investment Trust (InvIT) modes.
* Continuous effort to reduce the debt further by the end of each financial year.
* **Impact on Highway Projects:**
* Debt rationalisation will not affect ongoing or planned highway projects.
* Larger budgetary allocations support NHAI.
* Monetisation of revenue-generating highway assets through InvITs and TOT adds to its source of capital.
* **Financial Sustainability Measures:**
* Monetisation of operational highway assets through TOT and InvITs.
* Promotion of Public-Private Partnership (PPP) models such as Build-Operate-Transfer (BOT) and Hybrid Annuity Model (HAM) to share financial risks.
* Improved toll collection through Fastag, project prioritisation, and strengthened financial discipline.
* No fresh borrowings since October 2022.
* **Receipts in CFI:**
* The annexure details receipts deposited in the Consolidated Fund of India (CFI) under Toll-Operate-Transfer (TOT) and Infrastructure Investment Trusts (InvIT) models, providing specific financial years, states, and concession values.
**Impact Analysis**
**Stakeholder:** National Highways Authority of India (NHAI)
**Impact:** The NHAI's financial sustainability and ability to manage debt are affected by the strategies outlined in the response.
**Action Required:** NHAI is required to implement the outlined debt reduction strategy, focusing on asset monetisation, improved toll collection, and prudent financial management.
**Stakeholder:** Ministry of Road Transport and Highways
**Impact:** The Ministry is responsible for overseeing the implementation of the debt reduction strategy and ensuring the financial sustainability of NHAI.
**Action Required:** The Ministry must monitor NHAI's progress in debt reduction and ensure that the financial measures are effective in maintaining highway development.
**Stakeholder:** Ongoing and Planned Highway Projects
**Impact:** Ongoing and planned highway projects are expected to remain unaffected by the debt rationalisation efforts.
**Action Required:** No specific action is required, but project managers should monitor for any potential impacts and communicate any concerns.
Key Entities Referenced
National Highways Authority of India (NHAI): The primary agency responsible for the development, maintenance, and management of national highways in India, and whose debt liability is the subject of the question.
Toll-Operate-Transfer (TOT): A model for asset monetization where rights to collect toll revenues are transferred to private players for a specified period in return for upfront payments, used by NHAI to reduce debt.
Infrastructure Investment Trusts (InvITs): Investment vehicles that allow developers to monetize revenue-generating infrastructure assets, also used by NHAI for debt reduction.
Ministry of Road Transport and Highways: The ministry responsible for policy formulation and administration of roads and transport in India, answering the question about NHAI's debt.
Consolidated Fund of India (CFI): The fund into which receipts from TOT and InvIT are deposited.
GOVERNMENT OF INDIA
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS
LOK SABHA
UNSTARRED QUESTION NO. 2120
ANSWERED ON 12TH FEBRUARY, 2026
NHAI DEBT LIABILTY
2120. SHRI DHAIRYASHEEL SAMBHAJIRAO MANE:
SHRI SUDHEER GUPTA:
SHRI CHAVAN RAVINDRA VASANTRAO:
Will the Minister of ROAD TRANSPORT AND HIGHWAYS
सड़क परिवहन औि िाजमार् ग मंत्री
be pleased to state:-
(a) the details of debt liability of National Highways Authority of
India (NHAI) as on date;
(b) the strategy proposed for debt reduction, including asset
monetisation, Toll-Operate-Transfer (TOT) models, Infrastructure
Investment Trusts (InvITs) and budgetary support;
(c) whether the National Highways Authority of India (NHAI) has set
any timeline for achieving the targeted reduction in its debt and if
so, the details thereof;
(d) the manner in which proposed debt rationalisation will affect
ongoing or planned highway projects; and
(e) the measures taken/being taken to ensure financial
sustainability of NHAI while maintaining the pace of national
highway development?ANSWER
THE MINISTER OF ROAD TRANSPORT AND HIGHWAYS
(SHRI NITIN JAIRAM GADKARI)
(a) As on 31st January 2026, the debt liability of National Highways
Authority of India (NHAI) is Rs. 2,16,624 crore.
(b) Since October 2022, NHAI has not borrowed any funds and has
drawn up a plan to service its debt through a mix of asset
monetisation and improved toll income. InvIT receipts are
earmarked for debt servicing only. Asset monetization inflows
bolster NHAI sources of funds. The funds mobilization under Toll-
Operate-Transport (TOT) and Infrastructure Investment Trust (InvIT)
mode is given in the Annexure.
(c) NHAI is making continuous efforts to bring its debt reduced
further by the end of each financial year.
(d) NHAI has not undertaken fresh borrowings since October 2022
onwards and is supported through larger budgetary allocations. The
monetisation of revenue-generating highway assets through InvITs
and TOT adds to its source of capital. Thus, the debt rationalisation
will not affect ongoing or planned highway projects.
(e) NHAI has taken several measures to ensure its financial
sustainability while maintaining the pace of national highway
development. These include monetisation of operational highway
assets through TOT and InvITs model. There have been no fresh
borrowings since October 2022.
NHAI is also promoting Public-Private Partnership (PPP) models
such as Build-Operate-Transfer (BOT) and Hybrid Annuity Model
(HAM) to share financial risks.
Further, improved toll collection through Fastag, project
prioritisation and strengthened financial discipline have helped
sustained highway development.ANNEXURE REFERRED TO IN REPLY TO PART (B) OF LOK SABHA
UNSTARRED QUESTION NO. 2120 ANSWERED ON 12TH FEBRUARY,
2026 ASKED BY SHRI DHAIRYASHEEL SAMBHAJIRAO MANE, SHRI
SUDHEER GUPTA AND SHRI CHAVAN RAVINDRA VASANTRAO
REGARDING ‘NHAI Debt Liability’.
A. Receipts deposited in Consolidated Fund of India (CFI) under
TOT:
Concession
Year
value
Wise
TOT- Financial Length
transferred to
State
Bundle Year (FY) (in KMs)
CFI (Rs. In
Cr.)
(Rs. In Cr.)
AP, Odisha &
TOT-1 2018-19 681 Gujarat 9682 9682
UP, Bihar,
Jharkhand and T
TOT-3 2020-21 566 N 5011 5011
TOT-
5(A-1) 2021-22 54 Gujarat 1011 1011
TOT-
5(A-2) 106 Gujarat 1251
Eastern
TOT-7 135 Peripheral 6267
Expressway, Delhi
TOT-9 2022-23 73 U P 3144 10662
TOT-11 84 U P 2156
TOT-12 316 M P 4428
TOT-13 108 MP & Rajasthan 1683
UP, Delhi &
TOT-14 2023-24 189 Odisha 7701 15968Hyderabad
TOT-16 2024-25 252 Nagpur Section 6661 6661
Lucknow-
Ayodhya-
Gorakhpur -
Sultanpur Stretch
TOT-17 2025-26 366 9270 9270
Total --
-> 2930 58265 58265
Note: TOT-2,6,8,10 got failed. TOT-15 was closed on expiry of bid
validity
B. Receipts under InvIT:
InvIT Financial Length State Concession
Rounds Year (FY) in KM. value
Rs. In cr.
Round 1
Karnatka, Gujarat,
2021-22 389 7,350
Rajsthan & Telangana
Round 2
2022-23 246 MP, UP & Maharasthra 2,850
WB, UP, MP, Assam,
Round 3 2023-24 889 15,700
MP & Karnatka
Round 4*
11 Road Assets (listed
2024-25 754 17,738*
below for 2024-25)
TOTAL 2278 43,638
Note: * Receipts deposited in CFI in FY 2025-26
*****